Department Store

New York City -- Activist investor Bill Ackman’s Pershing Square Capital Management raised its stake in Borders Group from 31.5% to 37.3% and is prepared to finance an offer by Borders to buy larger rival Barnes & Noble, according to a filing with the Securities and Exchange Commission Monday.

According to the statement, Ackman is prepared to finance an offer by Borders to buy all of Barnes & Noble’s stock in an all-cash transaction valued at $16 per share, which would amount to about $960 million, based on the shares outstanding.

By David King, fulcrm.com

For many retailers, the “best customer” search has been an ineffective venture where the results haven’t warranted the time or expense, despite a host of different efforts. But this tantalizing target keeps pulling dollars out of budgets, dollars that could be spent on creating a more realistic and profitable approach to customers -- one that considers customers’ shifting behaviors and value.

New York City -- Looking for a hit list of the hottest new stores around the globe? Check out the 10 contenders below. The list comes from the folks behind the cutting-edge, London-based retail consultancy echochamber.com.

Forever 21, Times Square, New York City: This vast, 90,000-sq.ft. store has a sense of quality that is astonishing given its low price-points. The best feature is the exterior: an amazing interactive digital billboard features giant-sized virtual models who take Polaroid pictures of the crowd below.

Scottsdale, Ariz. -- Columbus, Ohio-based Glimcher Realty Trust announced that infant furniture, accessory and clothing retailer giggle has joined the growing tenant roster at its Scottsdale Quarter project in Scottsdale, Ariz.

The new store, which opened Dec. 2, is giggle’s 13th store and first in the state of Arizona.

The giggle store will join other national tenants at Scottsdale Quarter, including Nike; Apple Store; A/X Armani Exchange; H&M, West Elm; and IPic Theaters.

New York City -- Loehmann's Holdings filed a Chapter 11 reorganization plan that includes a stock-rights offering backed by its Dubai-based owner, according to a Friday report by Bloomberg. The plan also includes a requirement that the Loehmann’s seek approval to sell its assets.

New York City -- Hollister, the Southern California-themed brand from Abercrombie & Fitch, has opened its doors on Fifth Avenue in Manhattan. The 15,000-sq.-ft., two-level flagship boasts a double-height glass storefront that is covered with video screens showing a live feed of the surf back in Huntington Beach, Calif. It’s a striking effect that has passers-by lined up neck to neck.

Cleveland, Tenn. -- Atlanta-based Jones Lang LaSalle said it has completed the sale of Bradley Square Mall in Cleveland, Tenn., to Baton Rouge, La.-based MD Ruston Properties, LLC on behalf of a special servicer.

The 406,845-sq.-ft. regional mall is anchored by Belk, J.C. Penney, Sears and Kmart.